SS&C Technologies Holdings Inc 8-K, filed Jul 21, 2021
SS&C Technologies Holdings Inc (SSNC)
About this 8-K
SS&C Technologies Holdings Inc filed this 8-K on July 21, 2021, reporting on events of July 15, 2021.
Items reported
- Item 1.01: Entered into a material agreement
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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of the Securities Exchange Act of 1934
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Item 1.01. Entry into a Material Definitive Agreement
On July 15, 2021 (the “Effective Date”), SS&C Technologies, Inc. (the “Company”), Anthem, Inc. (“Anthem”), and Humana Inc. (“Humana”), entered into a joint venture, named DomaniRx, LLC (the “Joint Venture”), to develop a contemporary, cloud-native platform to support the operation of a full service pharmacy benefits manager (the “PBM Platform”). As of the Effective Date, the Company holds an 80.2% interest in the Joint Venture and Humana and Anthem each hold a minority interest in the Joint Venture.
The parties have committed up to an aggregate of approximately $925,000,000, in the form of cash, property and/or services, to support the Joint Venture’s development project. This amount includes $138,300,000 in initial cash contributions, certain assets of the parties including a non-exclusive license to the Joint Venture of the Company’s claims processing platform known as RxNova™, an assignment to the Joint Venture of a services agreement the Company has with Humana, upon the receipt of all approvals by the Joint Venture, and up to approximately $400,000,000 in cash, other property interests and/or services, under certain circumstances set forth in the Joint Venture arrangements among the parties. The Joint Venture’s development work, in addition to the day-to-day management of the Joint Venture, the performance of the Humana services agreement and the provision of certain shared services, will be performed, initially, by the Company and its affiliates under subcontract with the Joint Venture in exchange for market-based fees.
In addition, under the Joint Venture arrangements, the Company is entitled, in exchange for the payment of market-based fees under certain circumstances, to a license back from the Joint Venture of any improvements made to the RxNova™ platform during the course of the development project, and each of Anthem and Humana have the right, under certain circumstances, including any failure to successfully implement the PBM Platform in accordance with an agreed timeline and certain other factors, to exit the Joint Venture and receive, in connection with any such exit, a license to the PBM Platform.
Item 7.01. Regulation FD Disclosure
On July 21, 2021, the Company issued a press release, titled “SS&C Enters into Joint Venture to Create New Standard for Cloud-Based API-Driven Claims Adjudication”, to announce the Joint Venture. The full text of the Company’s press release regarding the Joint Venture is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise incorporated into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit
The following document is attached as an exhibit to this Current Report on Form 8-K:
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99.1 |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SS&C TECHNOLOGIES HOLDINGS, INC. |
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Date: July 21, 2021 |
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By: |
/s/ Patrick J. Pedonti |
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Patrick J. Pedonti |
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Senior Vice President and Chief Financial Officer |
Exhibit 99.1
SS&C Enters into Joint Venture to Create New Standard for Cloud-Based API-Driven Claims Adjudication
DomaniRx to become a state-of-the-art pharmacy benefits management platform in the cloud
WINDSOR, CT, July 21, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it has entered into a joint venture to create a new cloud-native, API-driven claims adjudication platform. Upon completion and the receipt of all approvals, the joint venture, named DomaniRx LLC (DomaniRx), will shape the future of Pharmacy Benefit Management (PBM) and harmonize the payer and provider management user experience.
"SS&C is creating DomaniRx and we are excited to be working with two world-class founding minority co-investors. We are committed to building a next-generation claim adjudication and PBM platform," said Bill Stone, Chairman and Chief Executive Officer.
Healthcare organizations need end-to-end transparency and data analytics while adhering to ever-changing government regulations. To better address the complexity of the claims adjudication industry-wide as healthcare organizations compete and grow, DomaniRx will build a unified best-in-class user experience leveraging plug-and-play technology to provide the industry's most affordable, transparent solution.
"This is a milestone partnership for the healthcare technology industry, and we are pleased that Humana will be our partner and first customer. DomaniRx will focus on disrupting the industry through open source technology to interface with other systems quickly," said Danny Delmastro, DomaniRx's General Manager. "The insights we will draw from hundreds of millions of claims transactions, powered by DomaniRx's advanced processing platform, will provide participating members flexible tools, advanced analytics, and customizable programs. All while increasing transparency, accessibility and service quality for members and pharmacies."
DomaniRx’s reimagined claims adjudication platform will leverage SS&C's technology capabilities and reside on SS&C's private cloud. The result will be a single cloud-native user experience with proven scalability, resiliency, and best-in-class transactional processing capabilities.
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.
SOURCE: SS&C
SS&C (Nasdaq: SSNC) is available at www.ssctech.com.
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For more information
Patrick Pedonti | Chief
Financial Officer, SS&C
Technologies
Tel: +1-860-298-4738 | E-mail:
InvestorRelations@sscinc.com
Justine Stone | Investor
Relations, SS&C Technologies
Tel: +1- 212-367-4705 | E-mail:
InvestorRelations@sscinc.com
Media Contacts
Sean Welch
PAN Communications
Tel: (407) 734-7330
E-mail: ssc@pancomm.com